Flying High: LCM Lands Portfolio Funding Deal with Aviation Company

Flying High: LCM Lands Portfolio Funding Deal with Aviation Company

One of LCM’s key areas of focus since its IPO has been the origination and execution of corporate portfolio transactions. The recent announcement of a portfolio funding partnership with a major aviation company, in which LCM will finance 38 worldwide disputes and contractual claims arising from the operations of the company for an initial 5-year rolling period, underscores the funder’s commitment to its corporate portfolio funding strategy. The transaction was led by Executive Vice Chairman Nick Rowles-Davies, who leads LCM’s EMEA team, comprised of some of the most experienced practitioners in the industry at corporate portfolio funding. Thanks to Rowles-Davies’ leadership and the team’s expertise, this is the second corporate portfolio transaction funded by LCM in past 12 months, and the first originating from the global cooperation agreement with a leading international law firm announced in March. The first of LCM’s portfolio transactions was announced in October 2018, and was in the building and construction sector. LCM remains one of only a handful of funders to have completed such a transaction type. The funder also currently has eight other portfolio deals in the pipeline. Perhaps no better evidence could be proffered of litigation funding’s growing awareness and understanding amongst corporate clients – at least within certain capital-intensive industries. As Rowles-Davies puts it: “Everyone has heard of ‘litigation finance,’ but they don’t necessarily understand what it entails. To many, it still means bringing big claims against corporates and they don’t appreciate that it is a form of financing that can support a company by monetizing its legal assets, removing the risk of litigation, increasing EBITDA and keeping costs off the balance sheet. Some sectors are certainly more aware of the benefits available through the use of litigation funding and these are typically businesses in sectors that are high-volume, low-margin; for example, aviation, construction and outsourcing.” By financing multiple claims at once, funders like LCM reduce their risk profile, which results in a more attractive pricing structure for the client than when cases are funded on a one-off basis (one-off cases carry binary risk, therefore the cost of capital is higher). On this latest transaction, LCM has maintained the optionality to extend the number of cases it will finance, as well as the cumulative size of the financing available. “When we are structuring corporate portfolios for our clients, we look to be as flexible as possible and try to directly address the problem that they are looking to solve by providing a bespoke solution,” Rowles-Davies adds. “This provides businesses with complete optionality as to how they fund their disputes, moving to a position of using funding out of choice, rather than necessity. This is totally different from a single case situation where often a distressed and impecunious party is being funded.” London-based law firm Clyde & Co. helped arrange the funding partnership between LCM and the unnamed airline. This type of arrangement underscores the win-win nature of a partnership between a dedicated funder and an individual law firm. According to Rowles-Davies, this type of partnership “is not that common, but I suspect we will see more arrangements like it as funding becomes more widely used.” Rowles-Davies is quick to point out, however, that LCM has relationships with multiple law firms, and that agreements such as its partnership with Clyde & Co. don’t guarantee exclusivity. “This is about picking your partners carefully – we want to work with people who understand how LCM operates and what we’re looking for, and it takes time to develop that understanding.”
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Omni Bridgeway Posts Strong FY25 After ‘Transformational’ Year

By John Freund |

Omni Bridgeway has reported a step-change year, pairing robust investment performance with a balance sheet reset that positions the platform for its next growth phase. The ASX-listed funder highlighted headline income of $651.3 million, a $3.6 billion portfolio (up 29% year over year), and A$5.2 billion in assets under management. Returns were anchored by a 2.5x MOIC across 60 full and partial completions, while operating discipline showed through with a 6.2% reduction in cash opex. Management framed FY25 as both a consolidation of strategy and a proof point for the firm’s fair value marks.

An article in PR Newswire notes the year also brought 52 new investments totaling A$517 million in commitments and A$525.9 million added to fair value. Crucially, Omni executed its Fund 9 transaction with Ares—fully deleveraging and “significantly derisking” the balance sheet—while also validating its model with third-party institutional capital. CEO Raymond van Hulst called FY25 “a positive year with excellent investment returns and a transformative transaction,” adding that the platform is well placed for continued growth.

For a sector navigating evolving regulation and disclosure debates, the numbers matter—but so does capital formation. Omni’s ability to recycle capital, expand AUM and originate across jurisdictions reinforces the durability of legal assets as an alternative class.

Apex Litigation Finance Appoints Gabriel Olearnik as Head of Legal

By John Freund |

Apex Litigation Finance has strengthened its leadership team with the appointment of Gabriel Olearnik, a highly experienced litigation funding professional with a global track record in high-value dispute resolution and complex commercial matters.

Over the past five years, Gabriel has originated and reviewed more than 451 litigation funding cases worldwide with an aggregate value exceeding $116 billion, closing deals worth over $700 million. His recent work includes the successful settlement of a high-profile BIT matter as well as executive employment claims in the UK.

Gabriel’s career spans senior roles in UK, US and European litigation funders, where he was instrumental in structuring high-value transactions, securing strategic court orders and conducting multi-jurisdictional investigations. In 2023, he closed a £268 million litigation funding deal in just three weeks, underscoring his ability to deliver results under tight timelines.

Recognised by Lexology as one of only 66 lawyers worldwide to receive the Thought Leaders in Third Party Funding accolade, Gabriel has been involved in matters that have attracted daily media coverage and required innovative dispute strategies. His experience extends to training legal teams, advising on politically sensitive disputes, and executing complex enforcement actions.

“Gabriel brings exceptional global experience, deep sector knowledge, and a proven ability to deliver in high-stakes environments,” said Maurice Power, CEO of Apex Litigation Finance. “His appointment further enhances Apex’s market position and it’s ability to originate, evaluate and fund complex commercial claims for our clients.”

“I am delighted to join Maurice and the team at Apex,” said Gabriel. “Apex’s strong financial backing and their speed of execution make this a natural alignment. I look forward to building on the strong foundation set out by my predecessor, Stephen Allinson, and contributing to the future success of the business.”

Gabriel’s appointment reflects Apex’s ongoing growth in funding small to mid-sized UK commercial disputes and builds on the company’s commitment to delivering fast, fair, and competitive non-recourse litigation funding solutions to claimant’s who may be prohibited from pursuing meritorious cases due to cost and/or financial risk.

Cartiga’s $540M SPAC with Alchemy

By John Freund |

Cartiga, a long-standing player in consumer and attorney funding, is heading to the public markets. The company agreed to combine with Alchemy Investments Acquisition Corp. 1 in a transaction pegged at $540 million in equity consideration, positioning the platform to scale its data-driven approach to underwriting and portfolio management. Management frames the move as about reach and efficiency: tapping a listed currency, broadening investor access to the asset class, and accelerating inorganic growth.

An article in MarketWatch reports that the proposed business combination would take Cartiga public via Alchemy’s SPAC, with the parties emphasizing how a listing could support growth initiatives and acquisitions. The piece notes the strategic rationale—public-market transparency and capital flexibility—as the platform seeks to deepen its footprint in funding for legal claims and law firms.

While final timing remains subject to customary steps (including the shareholder vote and regulatory filings), the announcement marks one of the most significant U.S. litigation-finance capital-markets events of the year.

Cartiga’s trajectory reflects a broader institutionalization of legal finance: more data, more discipline, and more diversified funding channels. The company’s model—providing non-recourse advances to plaintiffs and working capital to law firms—relies on proprietary analytics and scale to manage risk and returns across cycles. A public listing, if completed, would put Cartiga alongside other listed peers globally and provide investors with another pure-play exposure to the asset class’s uncorrelated return profile.